Smithfield joint venture bought by Chinese firm

BEIJING — China National Cereals, Oils and Foodstuffs Corporation (C.O.F.C.O.), China’s largest edible oil and food producer, has signed an agreement to acquire Maverick Food Co. Ltd., which was a joint venture between Smithfield Foods Inc. and Belgian Artal Group. This China-based foreign-invested food enterprise was acquired for 194 million yuan ($28.4 million).

C.O.F.C.O. president Yu Xubo said after the 100%-stake acquisition is completed, Maverick Food would be a wholly owned subsidiary of C.O.F.C.O. under the management of the company's meat-product chain.